WILMINGTON, Del., May 5, 2015 /PRNewswire/ — Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of MobileIron, Inc. (NASDAQ GS: MOBL)?
- Did you purchase your shares between February 13, 2015 and April 22, 2015, inclusive?
- Did you lose money in your investment in MobileIron, Inc.?
- Do you want to discuss your rights?
Rigrodsky & Long, P.A., including former Special Assistant United States Attorney, Timothy J. MacFall, announces that a complaint has been filed in the United States District Court for the Northern District of California on behalf of all persons or entities that purchased the common stock of MobileIron, Inc. (“MobileIron” or the “Company”) (NASDAQ GS: MOBL) between February 13, 2015 and April 22, 2015, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of MobileIron during the Class Period, or purchased shares prior to the Class Period and still hold MobileIron, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to firstname.lastname@example.org; or at: http://rigrodskylong.com/investigations/mobileiron-inc-mobl.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that there were unrealistic expectations of meeting first quarter of 2015 guidance due to not being able to close large customers during the quarter and the continuing shift in MobileIron customers in utilizing the Company’s subscription service rather than perpetual licenses. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on April 22, 2015, the Company issued a press release which lowered its revenue guidance for the first quarter of 2015. In the release, the Company stated: “Near the end of the quarter, we witnessed multiple large deals from North American customers that did not close as expected. Further, we saw a large shift by customers to our monthly subscription offering, which resulted in lower billings and revenue.” The shift to monthly subscription services rendered the previously stated guidance unrealistic and unattainable because of the shift’s negative short-term impact on billings and revenue. In a subsequent press release issued the same day, the Company announced the resignation of its Chief Financial Officer.
On this news, shares in MobileIron dropped over 25%, closing at $7.11 per share on April 23, 2015, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than June 30, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
Attorney advertising. Prior results do not guarantee a similar outcome.
SOURCE Rigrodsky & Long, P.A.